It’s Up To You How You Sell Your Business, Or Divest From It / by Kerri
Did anyone ever tell you you were going to have sell your business, or plan for the end of your business to be able to cash out? In an article entitled, How Will You Leave Your Small Business The Last Time?, in Forbes this week, author Jim Blasingame started with the statement:
“Every small business founder gets to decide when they will start their small business. But when and how they leave the business is much less in their control.”
There is plenty of support and advice available to help you start and grow your business, from advisors, coaches, consultants, training, courses, books, and videos. But until now, there’s been a dearth of readily available free information that you can access anonymously, about how to sell your business. As more owners figure out that the biggest payday of your life only comes when you sell your business, the subject is starting to percolate up into strategic decisions owners are making along the way.
As Blasingame points out in this article, how you leave your business is not as straightforward or simple as launching it was. His new survey results show no improvement in small business owners’ preparedness to plan or execute their intended exit strategy. Too many owners are resigned to the default option of exiting feet first. His last question is one you can’t afford to ignore or not answer:
“One day in the future will be the last in your business. Are you making plans for that day?”
As an exit strategist, I see too many owners selfishly resign themselves to the default option without considering the impact on employees, customers, vendors, family or their spouse. Expecting your family, grieving spouse, and your advisors (whom your spouse does not likely know well) to clean up the business, sell it or divest of it in some way in order to generate the wealth and security you wanted to leave them, is abdicating your ownership responsibility. It’s up to you to decide how to sell your business, scale it or pass it on to successors.
Please contact us for a FREE 30-minute confidential consultation to discuss your objectives, timeline and how to plan for your last day in your business.